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According to the USDA, the cost of raising a child is
some $234,900 – and that doesn’t include college expenses! But if
the proper financial steps are taken early on, you can expect an
easier time managing your finances. Here’s what you need to know.

1. Emergency Fund

Work diligently to build up an emergency fund of at least three
months living expenses, six months if possible. By doing so, you
will have a buffer for life’s unexpected costs and household
repairs. Also, if you lose income or get laid off from your job
you’ll at least have money to pay your bills while you’re looking
for a job.

2. Retirement Before Tuition

Make sure you save money for your own retirement before you
save money for your child’s college tuition. Alternatively, once
you reach retirement age there won’t be much, if any, help for
you – there aren’t any loans for retirement, as there are for
paying college tuition. So you must take responsibility for
funding your own retirement. Just start, even if it is only $20 a
month into a Roth IRA. Let the power of compounded interest help
build your retirement – you will be glad you did.

3. Teach Kids Financial Responsibility

Teach them that they are responsible for the money they receive
from allowance, birthdays, and otherwise. The idea of personal
responsibility carries over into other aspects of life. Personal
finance is a subject rarely taught in schools, therefore it’s up
to the parents to step in and teach their children about money
management, savings, credit cards and the importance of spending
wisely.

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